EEC: Financial Management

EEC currently uses a basic standard cost system. Management knows very little about other concepts of costing and the benefits of having multiple costing methods. Your superior has asked that you and your team put together a presentation to management explaining various costing concepts as it relates to EEC (explain the usage and benefits of each).

The Question is as following:
As an EEC corporate business financial analyst, you must have an expert understanding of the various costing methods. Within your groups, divide the costing concepts among the individual team members to analyze and become an expert in at least one costing concept within your group. Then write a paper to include the following:

definition of the concept
how and when the concept could be used by EEC
how the application of the concept differs from the other concepts
its advantages and disadvantages

Costing Concepts:

full costing/absorption costing
variable costing
target costing
life-cycle costing
activity-based costing

Solution Summary

The response addresses the queries posted in 1218 words with references.